Acturtle,
Sorry, I am not trying to give a lecture, just an example.
There is a strong chance that if credit quality falls, eg. twin deficits in US & corporate failures the yield required to keep people in bonds will rise. This will mean a decoupling of the idea that bonds rise (yields fall) if stocks fall.
This happened in the 70's. The face value just disintegrates into thin air, especially upon default. Just like bad debts at the bank when a mortgagee sale occurs. Bank loses money on loan, property is sold cheap. This happened in Sydney, Gold Coast in early 90's (with Japanese loan probs).
Other Examples: Enron, Ahold, El Paso & a locally ERGG or Austrim Notes.
www.safehaven.com has articles from Stephen Roach at Morgan Stanley that are really interesting (and worriesome).
noip
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